⚒️ Biden proposes a 30% punitive tax on crypto mining.

The White House is calling on Congress to pass a 30% tax on the electricity used in cryptocurrency mining as part of the next federal budget. While the administration claims it’s aiming to minimize the industry’s impact on climate change, crypto industry participants say this will further deter innovation in the space. Overall, the lack of clarity around crypto regulation has left much of the industry hamstrung, thinking this proposal is another unnecessary obstacle U.S. officials put in front of them.